Choose Color.New color [Truecolor/COlorbook] <BYLAYER>: Enter a new color. You can enter a color value from the standard Windows palette (1-255), 0 for BYLAYER, 256 for BYBLOCK, or you can enter the name of one of the seven standard colors (red, yellow, green, cyan, blue, magenta, and white), or choose BYLAYER or BYBLOCK.

Yes, it was possible in ActCAD software.For that you follow below process:-

Choose LType.

New linetype <BYLAYER>: To accept ByLayer, the default, press Enter, or enter the name of a new linetype.

If the linetype you enter is not already loaded, the program tries to load the linetype from icad.lin. If the program cannot locate the linetype in this file, use the Linetype command to load the linetype file.

New Lineweight <ByLayer>: To accept ByLayer, the default, press Enter, or enter a new lineweight. If you enter a value that is not one of the preset lineweights, the closest lineweight value will be assigned.